Solana Price Outlook This Weekend: Can SOL Hold Its Key Support Level?

Solana price rose 1.40% to $76.47 over 24 hours, outperforming Bitcoin as institutional accumulation strengthened market demand. SOL has just crossed a significant downward trendline, still with a higher-low pattern around key support. 

This formation implies that the bullish momentum is still in effect as the weekend approaches. The resistance is between $75 and $90, though SOL is currently trading in this broad supply range. A valid break above $90 might assist an upward movement to the psychological target of $100. 

Meanwhile, Bitcoin price rose to over $65,000, Ethereum close to $1,920, and XRP close to 1.03. Political uncertainty continues after the Senate postponed its CLARITY Act vote until September. The stall came after the lawmakers left at their planned summer recess.

US Solana ETFs See Zero Inflows as Assets Near $870 Million

The United States spot Solana ETF market registered no fresh inflows on August 7, according to SoSoValue. Total assets stood at $869.97 million, equal to 2.02% of Solana’s market capitalization. Meanwhile, combined trading value stands at 40.63 million. The historical net inflows were the same at $1.15 billion.

Bitwise’s BSOL dominated the category with $594.45 million in assets and $27.48 million traded. The FSOL of Fidelity was in the 2nd place at $125.41 million and the GSOL of Grayscale was at 3rd with 96.81 million. All listed products had zero daily inflows. However, most funds recorded market price gains exceeding 1.6% during the session.

Solana Price Outlook Signals Possible Rally Toward $80

The SOL price traded near $76.62 after extending its recovery within a rising four-hour channel. The latest session saw SOL increase by 0.24%, and bullish momentum was present.

Since it has recovered the support level of $72, SOL has been gradually rising. The recovery helped the token to rise over $75 and consolidate its short-term market structure.

An established breakout past the $78 mark may lead to the psychological $80 mark. Further momentum can subsequently favour an extension to $82 for long-term Solana forecast.

The Relative Strength Index is 71.14 and SOL is marginally within the overbought area. Meanwhile, the MACD line remains above the signal line. Its positive histogram is consistent with the existing bullish view, but momentum seems to be smoothing out.

Solana price needs to maintain a balance above 76 to maintain its short-run upward pattern. The next significant support is close to $75, and it is accompanied by the lower boundary of the channel.

The bullish setup would be compromised by a decrease below 75 and reveal 74. Further losses may send SOL toward the stronger $72 support area.

In the meantime, the rising channel makes the $78 and the $80 reachable. A downward move below 75 would nullify the short-term gains.